Is forex trading legal in kenya. In a reply to the law society, the Inspector-General of police noted that VIP Portal had been under the investigation of the DCIO, Limuru, since March The DCIO wrote to Central Bank seeking to establish whether VIP Portal was registered by the regulator to trade in forex or carry out any banking.

Is forex trading legal in kenya

Top Forex Trader Kenya

Is forex trading legal in kenya. There are 86 licensed forex bureaux in Kenya which collectively raked in Sh million in profit before tax last year. Internet forex hubs give legal traders a run for their money Kenya is yet to have its own derivatives market that would allow the shilling to trade online,” he says. Banks and licensed forex.

Is forex trading legal in kenya

Learn forex trading challenges for beginners. Is online forex trading illegal in Kenya? Forex is however illegal if you are operating another persons account on their behalf. This is because, unless you are a bank or a Sacco you do not have a right to handle other peoples money. The reason behind this is to protect the public from fraudsters or swindlers who could ask for your money by way of pyramid schemes.

I do not know how to defend local banks that are also engaged in the trading of forex online. One could argue that a bank is a legal person as a result of incorporation and is therefore engaged in trading just like you and me. But we all know that the money banks use in trading of forex come from depositors like you and me.

Probably VIPortal could point out this double standard if their case ever goes to trial. Purchase a credible forex eCourse and change your trading life within hours. Benefit from my timely trade recommendations on facebook Why are many Kenyans failing in the online forex business. How VIPortal got it wrong. Newer Post Older Post Home. Whatsapp forex signals Benefit from timely trade recommendations.

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